1970-71
1971-72
Conditions of Regrant
Conditions of Sale
91
103
57
59
...
Conditions of Exchange
19
47
Conditions of Grant
48
40
Conditions of Exchange in lieu of Renewal Conditions of Extension
2
18
13
15
230
282
34. During the year, 58 lots of Crown land were put up for sale by public auction at the City Hall, and all but three were sold, many of them at two or three times the upset prices. The total realized premium amounted to over $222m., which included two sales at $66m. and $30.3m. respectively (both payable by instalments over ten years with interest at 10% per annum). The first of these two sales was of a commercial or hotel site at the junction of Harcourt Road and Murray Road, Hong Kong, and the other of a non- industrial site at the junction of King's Road and Fortress Hill Road, Hong Kong. One or two Land Office Assistant Registrars attend all auction sales to supervise the execution of the Conditions of Sale by the successful purchasers.
35. At the fall of the hammer the successful bidder for a non- industrial lot has to pay a specified sum as a deposit and in part payment of the premium, the balance of premium being payable within one month. For industrial sites in the Kwun Tong, Sam Ka Tsuen, Tsuen Wan and Kwai Chung areas 90% of the premium may be paid in up to twenty equal annual instalments with interest at 5% per annum. In sales of industrial land outside those special areas, the successful bidder for an industrial lot pays the premium by four equal instalments, interest-free, over two years, the first instalment within three days of the sale, the second within twelve months, the third within eighteen and the fourth and last within twenty-four months from the sale.
36. Where sale conditions for industrial lots give the option of paying the premium by instalments, they also provide that purchasers electing to pay by instalments shall not be entitled to assign, underlet or otherwise dispose of the lot until the whole amount of the premium and interest has been paid. In some cases there is a further condition prohibiting sub-division of the lot and building without the consent
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